Objectives and Approach

The objective of this fund is to maintain capital and to provide a return in line with money market rates, before charges. The fund will generally invest in short term deposits, certificates of deposit, government bonds (predominantly UK) issued in pounds sterling (a type of loan which pays interest) and Repos. Repos are an agreement between two parties to sell or buy an asset and later reverse the trade at an agreed date and price. In stressed market conditions, the fund may be invested up to 100% in government and public securities issued by a single issuer. The maximum maturity of the instruments the fund invests in is 397 days but the fund must maintain a weighted average maturity of less than 60 days. The bonds that the fund invests in must be investment grade (rated as lower risk). Investment grade bonds are bonds that have achieved a higher credit rating from a rating agency. Credit ratings give an indication of how likely it is that the issuer of a bond will be able to pay back interest and the loan on time. The fund may use derivatives (contracts which have a value linked to the price of another asset) to: • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk. The fund may also invest in other fixed income securities, other money market instruments and collective investment schemes. This fund: • is not the same as a bank or building society account. Your money is not protected under the UK deposit protection scheme; • is appropriate for investors looking to add a cash element to their portfolio or those who wish to invest for a short period of time. If you do not understand this document we recommend you seek additional information to help you decide if this fund is right for you.